Office

Buchanan Street Buys Bayland Building in Santa Clara for $32M

by Nellie Day May 9, 2017

SANTA CLARA, CALIF. — Buchanan Street Partners has purchased the Bayland Building, a 116,000-square-foot office building in Santa Clara, for $32 million. The property is located at 2953 Bunker Hill Lane, near Levi’s Stadium. The Bayland Building is fully leased to four tenants, including Inphi Corp. Buchanan plans to modernize the building systems, update common areas and increase on-site amenities to attract and retain Silicon Valley’s innovative workforce. The firm represented itself, while Eastdil Secured represented the seller, Sleepy Hollow Investment Co., in the transaction.

May 9, 2017

California Loans Office Western

Ready Capital Structured Finance Closes $3.6M Loan for LA Office Building

by Nellie Day May 9, 2017

LOS ANGELES — Ready Capital Structured Finance has closed a $3.6 million non-recourse loan for an 8,500-square-foot office asset in Los Angeles. The property is located at 2818 La Cienega Ave. in Culver City. The borrower plans to renovate the property, which features open floor plans and an outdoor courtyard on the second floor. The interest-only loan features a 24-month term with one extension option and flexible pre-payment options. It includes a facility to provide for capital expenditures, tenant improvements, leasing commissions, and interest and carry reserves.

May 9, 2017

Florida Loans Office Southeast

Ready Capital Structured Finance Closes $11.9M Loan for Office Building in Fort Lauderdale

by John Nelson May 9, 2017

FORT LAUDERDALE, FLA. — Ready Capital Structured Finance has closed an $11.9 million acquisition loan for Courthouse Place, a 66,260-square-foot, eight-story office building located at 12 S.E. 7th St. in Fort Lauderdale’s central business district. Built in 2007 near the 20-story Broward County Courthouse, the office building features three stories of office space atop a five-story parking garage. The asset was 88 percent leased at the time of financing to tenants such as Krupnick Campbell Malone Buser Slama Hancock Liberman, Legacy Bank of Florida and Apex Reporting Group. Jason Hochman of Cushman & Wakefield arranged the fixed-rate, three-year loan through Ready Capital Structured Finance. HRE/SEFIREA Courthouse Place LLC purchased the office building from an affiliate of West Palm Beach, Fla.-based Morning Calm Management LLC known as Courthouse Place Building Owner LLC for $13.7 million. Scott O’Donnell, Dominic Montazemi, Greg Miller, Deanna Lobinsky and Travis Herring of Cushman & Wakefield represented the seller in the transaction.

May 9, 2017

Florida Office Southeast

JLL Arranges Office Relocation in Miami’s Brickell District for Banco do Brasil Americas

by John Nelson May 9, 2017

MIAMI — JLL has arranged a 17,000-square-foot lease on behalf of Banco do Brasil Americas, the U.S. branch of the Brasilia, Brazil-based bank, for its new corporate headquarters at 1221 Brickell Ave. in Miami’s Brickell district. The bank has leased the entire 22nd floor for its relocation from One Biscayne Tower in downtown Miami. Gavin Macphail and Randy Carballo of JLL represented Banco do Brasil Americas in the lease negotiations.

May 9, 2017

Healthcare Office Texas

Moody Rambin Negotiates 15,856 SF Medical Office Lease Renewal in Houston

by Taylor Williams May 9, 2017

HOUSTON — Moody Rambin has negotiated a 15,856-square-foot lease renewal at Woodlake Office Park, a medical/office complex located at 2500 Tanglewilde St. in Houston. Terri Torregrossa of Moody Rambin represented the landlord, Woodlake Properties Ltd., in the lease negotiations. Tim Relyea of Cushman & Wakefield represented the tenant, Texas ENT Specialists.

May 9, 2017

Illinois Midwest Office

Law Firm Renews 99,756 SF Lease at Office Tower in Chicago

by Kristin Harlow May 9, 2017

CHICAGO — Law firm Barack Ferrazzano Kirschbaum & Nagelberg LLP has renewed its 99,756-square-foot office lease at 200 W. Madison in Chicago’s West Loop. The firm is the largest tenant within the 928,040-square-foot building and will occupy the space through 2032. Barack Ferrazzano Kirschbaum & Nagelberg moved into the space 10 years ago, replacing Hyatt Hotels Corp. as the anchor tenant. Kyle Kamin, Cal Wessman and Mark Cassata of CBRE represented the tenant in the lease transaction. Jeff Dowdell, Katie Steele, Courtney Rosoff and Michael Lirtzman of Transwestern brokered the lease on behalf of the owner, Bentall Kennedy’s U.S. core fund. Transwestern has managed the property since 2011. A recent $5 million renovation included an updated lobby, modernized elevators, new tenant lounge and expanded fitness center with yoga room.

May 9, 2017

Midwest Office Wisconsin

CBRE Negotiates $8M Sale of Two Office Buildings in West Allis, Wisconsin

by Kristin Harlow May 9, 2017

WEST ALLIS, WIS. — CBRE has negotiated the sale of Lincoln Center II and III in suburban Milwaukee for $8 million. The two office buildings total 121,388 square feet. Lincoln Center II is located on a three-acre site at 2514 S. 102nd St., while Lincoln Center III is located at 10150 W. National Ave. The buildings were more than 87 percent occupied at the time of sale with tenants including Verizon, Acuity, Cognex and Eye Care Specialists. Eric Rapp and Patrick Gallagher of CBRE represented the seller, Somerset Properties. Sara Investment Real Estate LLC purchased the properties.

May 9, 2017

Market Reports Nevada Office Western Western Market Reports

Office Vacancy Declines As Product Dries Up

by Camren Skelton May 9, 2017

Last year was a relatively flat year for the Northern Nevada office market. Reno/Sparks had negative absorption in the first and third quarters of 2016, and positive absorption in the second and fourth quarters. The year ended up at 10,153 square feet of net absorption, according to the DCG internal database, essentially nullifying any real gains or losses. However, the Reno office market is much healthier at a 12 percent vacancy rate as compared to the nearly 20 percent recession highs. Each quarter also recognized more gross absorption than the previous quarter in 2016. Class A office continued to be in demand with rents increasing to north of $2 per square foot, per month, full service. Large spaces ideal for company relocations are difficult to find. Reno currently has a small supply of vacant, Class A spaces with more than 10,000 square feet available. However, we should see our first speculative construction take place in the Meadowood submarket as Mckenzie Properties plans a 40,000-square-foot building in Mountain View Corporate Center. New corporate relocations for office tenants were relatively quiet in 2016. In comparison to 2015, we saw large tenants relocate to our region, including Grand Rounds in South Meadows and …

May 9, 2017

Colorado Office Western

DSP Builders Starts Construction of $18.5M Superior Medical Center in Colorado

by Nellie Day May 8, 2017

SUPERIOR, COLO. — DSP Builders has started construction of a 60,000-square-foot medical office building in Superior. The four-story Superior Medical Center will be situated at the southeast corner of U.S. Highway 36 and McCaslin Boulevard. The $18.5 million project is slated for completion by early 2018. It is 50 percent pre-leased to tenants like Boulder Community Health (BCH), Touchstone Imaging and Cornerstone Orthopedics & Sports Medicine. John Gustafson of Newmark Grubb Knight Frank is overseeing leasing for the building. Intergroup Architects designed the property.

May 8, 2017

California Office Western

McCormick Construction Completes Renovation of Westwood One Broadcast Campus in Culver City

by Nellie Day May 8, 2017

CULVER CITY, CALIF. — McCormick Construction has completed the renovation of the 45,000-square-foot Westwood One radio broadcast facility in Culver City. The campus is located at 8935, 8965 and 8944 Lindblade Ave. Cumulus Media recently acquired Westwood One, adding sports, news, talk, music and programming services. McCormick built 21 radio broadcast studios on the property. The CIM Group owns the site.

May 8, 2017

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